just a quick question - what do you do, when the market's dead, when it simply does not move? I am not talking about goverment holiday kind of days, but normal days, when there's simply nothing to do, nothing to trade..
I am trading only one market, so it's a bit depressing to sit alone for hours, in front of the PC just watching the market not even trying to move
I am trading the Dax - there are days with good volume and drive - and there are a lot more days that are risk danger!
For this I follow 2 rules:
1) if yesterday's cash HiLo > 150 points - NO trade today
2) if yesterday's cash HiLo > 250 points - No trade today AND tomorrow.
With that I know when to leave the computer to do better things
Go golfing, work on your tan, walk your dogs, etc. There is more to life than sitting in front of a computer watching a slow market. If you want to work on trading, then work on your journal, your research, your backtesting, and assorted other spreadsheets while the market is slow.
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I like to work on trying to find more statistical edges, work on automated systems, or just try to read something new if i want to keep it trading related. Otherwise perfect time to go have some fun outside or with friends.
Exactly what Mike said
Trading shouldn't be your life! Or at least I wish you that.
When there is nothing to trade, the market is dull or ranging, you just leave and do something you like - or get educated some more on the markets, do your scans, your research, your experiments, etc...
Also, in dull markets, light volume days/seasons, etc... You shall favor the upside, as it is really difficult to short a dull market as they say. In extreme cases, you can just leave a small long position open, and let if float up all day long for some peanuts
Either way, these are the days that your broker loves the most!
They make the most out of commissions in these days as traders desperately hit the reverse button every few minutes or sometimes less.
Try to make it a point not to make your broker richer while you sadly crumble underneath...
Successful people will do what unsuccessful people won't or can't do!
Whilst I primarily focus on one market (6A) when i'm just not feeling it I have other markets that I poke around in and try and build up an understanding to provide me with more trading options. I know some people believe you should know your market inside out it would send me crazy not having something different to look at and try to dissect.
Otherwise I agree Mike hit the beach or whatever gets you revitalised for when the market fires back up.
Im learning c++ in my spare time. I also keep a list a math concepts I'd like to brush up on/ practice more. A few Sudoku books have cost me very little ($2/ book) and have saved me lots in erroneous trades.